Ripple’s explosive growth has everyone wanting to buy a bit of Ripple (XRP). We will note the easiest way to buy Ripple in general is to use Coinbase.
Here is our guide to buy Ripple with Ethereum (or even USD/BTC). If you’d like to trade how to trade any coin check out our guide on how to use Binance.
What is Ripple?
Ripple is designed to connect banks, payment providers, and corporations to effortlessly send payments between them globally with minimal transaction fees. Additionally it is not decentralized and the Ripple company controls the flow of new coins onto the market.
How to Buy Ripple with Ethereum
Buying Ripple with ETH on Changelly
The easiest way to buy Ripple with your Ethereum is to use a service like Changelly.
All you need to do is tell them how much ETH you’ll send and they will convert it in a few minutes to XRP.
You will have to have a Ripple address to send your XRP to. Toast wallet is an easy to use Ripple wallet . for iOS/desktop.
Note: All XRP addresses/wallets must contain at least 20 XRP, so if you buy 50 XRP 20 of it will be locked in the wallet (This is a function of Ripple). So keep that in mind when sending or receiving XRP.
Buying Ripple on an Exchange
2. Deposit Ethereum to the Exchange: Some exchanges let you buy with USD (such as Bittrex) but we’re going to show you how to deposit your Ethereum from Coinbase.
You’ll need to get an Ethereum wallet address in the exchange you’re trading on. Typically this is located in wallets where you can type in Ethereum and you’ll see a deposit or plus button.
The screenshot below shows what it looks like in Binance (wallets are located under funds -> deposits/withdrawals).
Once you know the address to send to, log into Coinbase, go to accounts, select Ethereum and click Send. Once you click send you can paste your wallet address in from the other Exchange.
Caution: Be careful when copying addresses, make sure you have the correct cryptocurrency selected, if you send Ethereum to the wrong address it will be lost forever.
Exchanges will show your pending deposit with confirmations, typically they need 30 confirmations before adding the Ethereum to your trading account. This process usually takes around 15 minutes but can also take a few hours.
3. Exchange Ethereum to BTC: Most exchanges require trading with Bitcoin (BTC) so you’ll need to convert your newly deposited Ethereum to Bitcoin.
You’ll want to click markets and go to BTC/ETH, this market will allow you to sell your Ethereum for Bitcoin.
Create a sell order and select the price you want to sell at (typically you can click price and select last bid which will use the price of one of the latest transactions).
This transaction should happen rather quickly since both coins are frequently traded.
4. Buy Ripple with BTC: Now that you have BTC you can select BTC/XRP in the markets.
Just like we did to sell Ethereum we can do the same to buy Ripple, create a buy order and use the last bid to get the correct price.
Within a few minutes you should have bought Ripple but with the fluctuating market you may need to delete your buy order and re-submit it with the last bid again.
And boom you now should have Ripple!
If you head to wallets on your exchange you should see Ripple in your account. If you click Withdraw or the Minus button you can send your Ripple to an external wallet such as a Ledger Nano S hardware wallet or Toast wallet.